Welcome to the Coverdash insurance blog. Here you’ll find valuable articles tailored to your business needs, so you can be ready in a dash for whatever comes next.

post featured image

Coverdash – Leading Embedded Business Insurance Agency For Startups and SMBs – Announces $13.5M in Series A Funding

B2B insurtech reveals negative CAC and >30% MoM growth, showcasing aggressive path toward profitability NEW YORK – Coverdash, the fastest growing startup and SMB focused-insurtech, today announced $13.5M in Series A funding. This financing comes within one calendar year of Coverdash’s oversubscribed Seed round, bringing the company’s total funding to $16M to date. The Series A round was led by Nyca Partners, joining existing investors including Bling Capital, AXIS Digital Ventures, Tokio Marine Future Fund, Expansion VC, Cameron Ventures and others. The latest financing will be used to further expand Coverdash’s embedded partner network, grow its internal team and broaden its insurance carrier panel. Founded in 2022, Coverdash offers a full suite of commercial insurance products for all startups and SMBs across the U.S., allowing them to purchase business insurance within seconds from the places they trust most. Coverdash's embedded technology enables partners from any industry to easily offer insurance to existing customers with a single line of code. The technology packages the necessary operational, compliance and financial elements to allow partners to deliver highly configurable insurance solutions within their own front-end environments. Within its first year of operations, Coverdash has surpassed its competitors by securing over 100 embedded distribution partnerships. A staggering 75% of businesses in the U.S. are severely underinsured and 43% of small businesses are completely uninsured, exposing them to financial and legal risks. Coverdash is stepping in to better serve startups and SMBs in a landscape where major insurance providers have de-emphasized the importance of coverage for these businesses. Coverdash’s primary products are general liability, business owners policy, workers compensation, directors and officers liability, cyber insurance and professional liability. As the leading embedded insurance agency, Coverdash has the largest panel of trusted insurance carrier relationships, enabling customers to save 30-40% on business insurance costs. “We’re not just making insurance accessible and straightforward for business owners nationwide, we’re acting as their virtual risk management arm,” said Ralph Betesh, Co-Founder and CEO of Coverdash. “Coverdash goes beyond coverage – we offer startups and SMBs the support they need, especially in today's challenging landscape when navigating the complexities of insurance has never been more vital. Coverdash is dedicated to empowering both our partners and our customers with these capabilities." Coverdash’s growing embedded partner network includes various providers who serve or transact with businesses including leading payroll providers, POS providers, banks, lenders and vertical SaaS platforms. By integrating Coverdash's single line of code, these partners can swiftly offer business insurance through their own platforms to their existing customers within 24-48 hours. Moreover, Coverdash leverages its proprietary embedded playbook to enhance in-platform user engagement by mapping company milestones with insurance purchase triggers. This ensures that embedded partners can continuously support their customers' evolving businesses by offering the right insurance product exactly when it's needed, thereby eliminating any gaps in coverage. Alongside helping partners create ancillary revenue, Coverdash also boosts customer retention rates, thereby increasing partners' overall customer lifetime value (LTV) by offering insurance as a supplementary product. "Coverdash's embedded model drives best-in-class unit economics, rejecting reliance on paid acquisition strategies, creating tremendous organic growth and momentum," said Stephanie Khoo, Partner at Nyca. "Giving SMB service providers – payroll, payments, lending, website creation, HR, etc – the ability to offer their customers seamless access to business insurance allows them to deepen their client relationships while adding a heretofore untapped revenue stream." While Coverdash digitizes the insurance process, it is not just a digital sales funnel. The company retains the human touch with real agents actively involved in the service offering, ensuring a personalized, white-glove experience. By combining innovation, industry expertise and a commitment to transparency, Coverdash is poised to become the go-to insurance agency for startups and SMBs (from pre-formation all the way to Series D+). ABOUT COVERDASH Founded in 2022, Coverdash is a fully-digital business insurance agency committed to transforming the business insurance process for startups and small businesses. Coverdash's revolutionary embedded technology enables any partner to host its end-to-end insurance experience with a single line of code. Coverdash serves all startups and SMBs from pre-formation all the way to Series D+. The company is headquartered in New York and is a licensed insurance agency across all 50 states. Interested in joining the Coverdash team? Check out our job listings here: * Chief of Staff * Commercial Insurance Account Executive * Commercial Insurance Account Manager * Head of Partnerships * Senior Partnerships Manager
post featured image

Coverdash Achieves SOC 2, Demonstrating Commitment to Data Security

Coverdash, the leading embedded insurtech specializing in business insurance, is thrilled to announce its SOC 2 certification. This certification underscores Coverdash's unwavering commitment to maintaining the highest standards of data security and highlights our dedication to providing secure insurance solutions to our customers. What is SOC Certification? SOC 2 certification demonstrates Coverdash's ability to protect sensitive customer information and maintain rigorous controls. The audit evaluates the suitability of our controls and adherence to operating effectiveness. Widely recognized as standard for data security, this significant milestone assures that customer data is securely handled. Coverdash's core mission is to simplify the process of buying and managing business insurance for a slew of customers, including e-commerce merchants, gig workers, startups, and business owners across all industries. We offer a comprehensive suite of commercial insurance products, including liability, property, workers' compensation, and cyber insurance. The SOC 2 certification is a foundational qualification that underscores Coverdash's devotion to data security and our commitment to the highest standard of service. "Obtaining SOC 2 certification is a major milestone for Coverdash," said Avery Rubin, CTO of Coverdash. "It validates our dedication to prioritizing the security and privacy of our customers' data. By meeting these rigorous data security standards, we can provide a reliable and secure insurance platform for businesses of all sizes. We are proud of this achievement and will continue to enhance our services to meet the evolving needs of our clients." Coverdash's achievement of SOC 2 certification showcases our dedication to excellence and the importance we place on safeguarding customer data. As we continue to grow and expand our offerings, customers can rest assured that their insurance needs are in the hands of a trusted and secure partner. About Coverdash Coverdash is a fully digital business insurance agency that specializes in serving the insurance needs of businesses of all shapes and sizes. Coverdash's embedded technology enables any partner to host its end-to-end insurance experience with a single line of code. Coverdash is headquartered in New York and is a licensed insurance agency across all 50 states. Interested in partnering with Coverdash? Check out:
post featured image

Coverdash Launches Tailored Startup Offering to Address Rampant Underinsurance Within the Startup Community

Introduction New York, NY - June 6, 2023 - Since launching our SMB insurance agency earlier this year, Coverdash has observed a concerning trend within the startup community: a widespread and growing problem of underinsurance, overexposure, and lacking risk management practices. This issue has impacted founders, investors, and employees, leaving them vulnerable to potential losses and lawsuits. A recent study revealed that a staggering 75% of startups in the U.S. are underinsured by 40% or more. The Startup Underinsurance Conundrum The underinsurance problem amongst startups has compounded in 2023, as founders face challenging economic times. To preserve their runway, many startups have been forced to cut corners on proper risk management practices, unknowingly exposing themselves to significant downside risk. Recognizing the need for proper risk management practices in the startup ecosystem, Coverdash is on a mission to provide accessible solutions to all startups, regardless of their business life cycle (Pre-Funded through IPO). Since our launch earlier this year, Coverdash has already made a significant impact by assisting dozens of startups and founders in navigating the complex world of insurance. Coverdash's Mission and Solution True to our mission, Coverdash is now launching a startup insurance offering tailored specifically to the needs of each startup. Through Coverdash's digital insurance experience, startup founders can now source fully-bindable insurance quotes from the nation's leading insurance companies, all within minutes. This streamlined process saves valuable time and ensures that startups can obtain the coverage they need to protect their businesses effectively. Instant Decision Management Liability for Startups As part of this release, Coverdash is proud to be the first digital insurance provider of its kind to expand its core offering to include instant decision/instant bind Management Liability products, which are universally required by the venture capital community and other investors. These comprehensive solutions provide essential coverage for various aspects of a startup's operations: * Directors & Officers (D&O) Insurance: This coverage offers financial protection for a startup’s founders, executives, and board members against claims related to management decisions. It covers legal defense costs, settlements, and judgments, safeguarding personal assets in case of lawsuits alleging mismanagement or breach of fiduciary duty. This coverage is universally required by the venture capital and other investor communities. * Employment Practices Liability (EPLI) Insurance: EPLI protection guards against claims related to employment practices, such as discrimination or wrongful termination. It covers legal defense costs, settlements, and judgments, and may also include coverage for wage disputes and retaliation claims. * Fiduciary and Crime Insurance: This insurance provides financial protection for startups against claims related to employee theft, fraud, or embezzlement. It also safeguards against claims alleging breach of fiduciary duty or errors in employee benefits plans. Fiduciary and Crime insurance covers legal defense costs, settlements, and judgments, making it crucial for startups of all sizes that offer employee benefit plans. Full Suite of Coverage: Coverdash's Comprehensive Startup Insurance Offering With the addition of Management Liability (D&O, EPLI, Crime, and Fiduciary), Coverdash can now cater to the full business insurance needs of startups of all shapes and sizes across the nation. In addition to Management Liability coverage, Coverdash's full startup insurance offerings include: * General Liability: General Liability insurance provides essential coverage for startups against third-party claims for bodily injury, property damage, or advertising liability. It covers legal defense costs, settlements, and judgments, protecting the business from financial losses due to accidents, injuries, or damage caused by the startup's operations. This coverage is universally required by landlords and shared workspace providers. * Business Owner's Policy (BOP): A Business Owner's Policy is a comprehensive insurance package that combines multiple coverages into a single policy, tailored to meet the specific needs of startups. It typically includes General Liability insurance, Property insurance, and Business Interruption insurance. This all-in-one solution offers convenience and cost savings, providing coverage for common risks faced by startups. The liability coverage that is included is universally required by landlords and shared workspace providers. * Workers Compensation: Workers Compensation insurance is crucial for startups with employees. It provides coverage for medical expenses, lost wages, and rehabilitation costs if an employee suffers a work-related injury or illness. This insurance not only protects the employees but also safeguards the startup from potential lawsuits arising from workplace injuries. This coverage is a legal requirement in most states in the U.S. * Cyber Insurance: In today's digital age, Cyber Insurance is vital for startups that handle sensitive customer data or rely on technology systems. It offers protection against data breaches, cyberattacks, and other cyber risks. Cyber Insurance covers costs related to data recovery, legal expenses, notification and credit monitoring for affected individuals, and potential liability arising from a cyber incident. * Professional Liability Insurance: Professional Liability insurance, also known as Errors and Omissions (E&O) insurance, is essential for startups that provide professional services or advice. It offers financial protection against claims of negligence, errors, or omissions in the services provided. This coverage helps cover legal defense costs, settlements, and judgments, safeguarding the startup from potential lawsuits that could arise from professional mistakes or inadequate advice. Revolutionizing Risk Management Practices Coverdash's tailored startup insurance is set to revolutionize risk management practices within the startup community. By providing easily accessible and fully-bindable insurance quotes in minutes, founders can now focus on building their businesses with confidence, knowing that they have the necessary coverage to mitigate risks. In conclusion, Coverdash's launch of tailored startup insurance is a significant step towards addressing the rampant underinsurance problem within the startup community. By offering accessible and comprehensive insurance solutions, Coverdash aims to empower founders, investors, and employees with proper risk management practices and financial protection. With the addition of instant decision/instant bind Management Liability products and a range of other coverage options, Coverdash is ensuring that startups have the necessary coverage to thrive in today's challenging economic landscape. About Coverdash Coverdash is a fully digital business insurance agency that specializes in serving the insurance needs of businesses of all shapes and sizes. Coverdash's embedded technology enables any partner to host its end-to-end insurance experience with a single line of code. Coverdash is headquartered in New York and is a licensed insurance agency across all 50 states. Interested in partnering with Coverdash? Check out:
post featured image

Elevating PEO Insurance: Coverdash and AdvanStaff HR Provide Unmatched Business Insurance Accessibility

Introduction Professional Employer Organizations (PEOs) have long been instrumental in providing comprehensive HR solutions to businesses nationwide. However, the seamless placement of business insurance has remained a persistent challenge for PEOs and a pain point for businesses of all sizes. The reliance on conventional methods, such as traditional insurance brokers, has resulted in outdated processes and unsatisfactory customer experiences. Thankfully, Coverdash has introduced its groundbreaking embedded insurance solution that transforms the landscape. Through a strategic partnership with AdvanStaff HR, clients can now effortlessly access a wide range of commercial insurance products, all conveniently hosted on the AdvanStaff platform. The Limitations of Traditional Approaches: PEOs have traditionally struggled to provide streamlined access to commercial insurance for their clients. While their master plans often cover workers' compensation, clients frequently require additional coverage outside the PEO's scope. This reliance on brick-and-mortar insurance brokers has led to fragmented and disappointing insurance experiences for businesses. The lack of integration and outdated processes have made obtaining comprehensive coverage a hassle for PEO clients. The Coverdash and Advanstaff HR Partnership: Transforming Insurance Placement The collaboration between Coverdash and AdvanStaff HR marks a groundbreaking shift in insurance placement for PEO clients, infusing the process with a renewed sense of innovation. By seamlessly integrating an extensive portfolio of commercial insurance products, including General Liability, Business Owners Policies, Workers’ Compensation, Cyber, Professional Liability, and Management Lines, directly onto the AdvanStaff platform, clients now gain unparalleled access to customized business insurance options from industry-leading carriers. Benefits of the Coverdash Solution: * Simplified Access: Coverdash's insurance products are integrated into the AdvanStaff platform, allowing clients to explore and obtain coverage options conveniently in minutes. The centralized location eliminates the need to navigate multiple platforms and external insurance brokers * Expanded Coverage Options: Coverdash's comprehensive suite of insurance products addresses the diverse needs of businesses. PEO clients can find general liability, professional liability, business owners' policies, workers’ compensation, cyber insurance, management liability, and more within the AdvanStaff platform. This expanded range of options ensures businesses have the necessary protection to effectively mitigate risks. * Modern and Digital Experience: The Coverdash platform offers a user-friendly and intuitive interface, enabling PEO clients to quote, bind, and pay for their policies within minutes. All processes, from submitting claims to accessing policy documents, can be completed online, enhancing efficiency and convenience. * Superior Customer Support: The partnership between Coverdash and AdvanStaff HR combines the expertise of two customer-centric organizations. PEO clients benefit from exceptional support throughout the insurance process, with prompt assistance and responsive service to address any inquiries or concerns. Conclusion: The partnership between Coverdash and AdvanStaff HR is revolutionizing insurance distribution within the PEO sector. Through seamless integration, expanded coverage options, a modern digital experience, and superior customer support, businesses now have a streamlined and efficient way to obtain comprehensive insurance coverage. The collaboration sets a new standard for the industry and empowers PEO clients with the tools they need to protect their businesses effectively. About Coverdash Coverdash is a fully digital business insurance agency that specializes in serving the insurance needs of businesses of all shapes and sizes. Coverdash's embedded technology enables any partner to host its end-to-end insurance experience with a single line of code. Coverdash is headquartered in New York and is a licensed insurance agency across all 50 states. Interested in partnering with Coverdash? Check out: About AdvanStaff Headquartered in Las Vegas, Nevada, AdvanStaff HR has been helping businesses grow and scale since 1993.  As a PEO (Professional Employer Organization), AdvanStaff relieves the employer of many of the mundane responsibilities they face every day.  They are experts in fields of payroll processing, benefit administration, employee onboarding, human resource compliance, workers compensation and safety programs administration, and much more. AdvanStaff's HR Cloud platform includes the staff, tools, and systems to provide expertise, efficiency, and administrative relief that allows the business owner, managers, and staff to focus on their core competencies, serving customers, and growing the business.
post featured image

How to Get US-Based Liability Insurance for Your Overseas Ecommerce Business: A Guide for International Sellers

As an ecommerce seller based outside of the United States but selling into the US, you need to make sure you have US-based business liability insurance to protect your business from legal claims and fulfill Amazon’s (and other ecommerce platforms) seller insurance requirements. However, securing this insurance can be a challenge, as insurance companies may require a US-based address to issue the policy. Don't worry! Coverdash has you covered. We provide insurance solutions for many small and medium enterprises with US operations, and we're here to help you find the right coverage for your business. In this blog post, we'll outline three options for obtaining a US-based address to get the insurance you need. Option 1: Use the Address of Your Attorney If your overseas company has an attorney or law firm representing you in the United States, you may be able to use their address to obtain US-based business liability insurance. This option may be suitable for companies that have an established relationship with a US-based attorney or law firm. Using the address of your attorney can provide a stable and permanent location for your business to receive important legal documents and correspondence related to your insurance policy. However, it is important to ensure that your attorney is willing to receive your business mail and that they have the appropriate permission to do so. Option 2: Use the Address of Your 3PL Provider Another option for obtaining a US-based address for your overseas company is to use the address of your third-party logistics (3PL) provider. A 3PL provider can offer warehousing, shipping, and distribution services for your products in the United States. Using the address of your 3PL provider can provide a physical location for your business to receive important documents and correspondence related to your insurance policy. As most insurance correspondence is virtual, this will place minimal if any burden on the 3PL provider. Option 3: Use a Virtual Office Service A virtual office service is a cost-effective solution for overseas companies that need a US-based address. Virtual office services provide a physical address, mail handling, and telephone answering services for your business. This option can be especially useful for startups and small businesses that do not have a physical presence in the United States. Using a virtual office service can provide a professional image for your business and allow you to receive important legal documents and correspondence related to your insurance policy. Obtaining US-based business liability insurance can be a challenge for overseas companies, but there are options available. Using the address of your attorney, 3PL provider, or a virtual office service can provide a US-based address for your business to receive important legal documents and correspondence related to your insurance policy. Your Ecommerce Insurance Needs At Coverdash, we understand the unique needs of international ecommerce sellers doing business in the US. Our team of experienced insurance professionals can help you find the right insurance coverage for your business. We offer a range of insurance solutions, including general liability, product liability, and workers' compensation insurance. Contact us today to learn more about how we can help protect your business.
post featured image

5 Must-Haves for Every Freelancer

Freelancers are becoming a large part of the workforce in America. A report in 2020 indicated that 59 million Americans freelance, and that number is only expected to grow---up to 90 million by 2028. Whether you freelance full-time, or you have just picked up some additional work, freelancing offers many benefits that make it an attractive way to earn money. Freelancer Must-Haves Freelancers such as programmers, designers, accountants, writers, content creators or any other independent professional offering services in the gig economy have different needs than traditional employees because they are self-employed. In order to be successful, there are five things that every freelancer must have. Insurance. Because freelancers don’t work under the umbrella of an employer, they must protect themselves with the right insurance program. That means there is no insurance for property and real estate caused by fires, theft, and other events. Personal insurance policies do not cover business-related claims so while a personal insurance policy may offer some coverage based on the claim, it will not protect you from business-related liability claims. Types of insurances that freelancers should have include: Professional Liability Insurance. This is the most important type of insurance policy for freelancers because it protects against mistakes that harm the clients’ bottom line.  For example, if you are a freelance web developer and committed in writing that your client’s website would be ready by Black Friday, the client could sue you if you do not meet the deadline. Professional liability insurance would cover legal fees. General Liability Insurance. Many freelancers purchase this type of policy because it protects against customer injuries or third-party damages. Commercial Property Insurance. Even if you work from home, you may still need commercial property insurance to cover damages to your business property. If your computer is stolen from your house, your homeowner’s or renter’s insurance may not cover it. Cyber Liability Insurance. Because many freelancers that work in IT are privy to customer data, they are at risk to cyber-attacks. Cyber liability insurance covers the expenses when a data breach occurs including legal fees and civil damages. As a freelancer, it is best to work with a trusted insurance provider that focuses on small business insurance. Contracts. Having contracts with clients is necessary for operating a reliable and secure freelancing business. A freelancer contract is a legal agreement between a freelancer and their client that outlines the work that needs to be delivered. The contract exists to protect the freelancer and the client. The contract is needed so the freelancer will receive payment for the work delivered. At the same time, the company is getting written confirmation of the deliverables they can expect. Contracts should include the following information: Contact details of the freelancer and client Project scope Deliverables Timeline Pricing and rates Payment options and due dates Legal terms A thorough and comprehensive contract is needed before any work is done as a freelancer. Professional-Looking Website. An informative website is the key to getting new business as a freelancer. That way, you are able to let potential clients know exactly what services you offer. Website design can be difficult and this is probably an area where you don’t want to DIY, unless you have previous experience. If you have not designed a website before, there are plenty of services that can help you. A website design service allows you to design your website and desired functionality and will set up and run the website. The money spent is well worth it to have a professional-looking website that will help grow your business. Project Management Tools. As your freelancing business grows, you will be managing several clients. An app that manages your progress for each client as well as your daily to-do list can help keep you organized. The project management tool that will work best for you depends on your workflow, and there are many options to try. Many project management apps are free or have trial periods to allow you to test them out. Asana and Taskboard are two of the most popular. If you have a very small business with a straightforward workflow, Todoist or TickTick are good options. Invoicing Software.  As a freelancer, you will be responsible for keeping track of your hours and sending out invoices, so you get paid. Many clients will require an official invoice in order to be able to pay you. Some freelancing job boards already have an invoicing feature built in, but for other clients, you will need to bill them. Tracking invoices and payments not only means you will get paid on time but will make things easier come tax season. Some apps also include time trackers to keep track of your hours or other key features that will be crucial to your daily workflow such as inventory monitoring, currency conversion, taxation, and recurring billing. Invoices can be customized to fit your business needs. Your Freelancer Insurance Needs Being a freelancer comes with many benefits, but also introduces some new areas to consider now that you are not working for a company. Coverdash is able to provide you with all of your insurance needs as a freelancer.  In fact, insurance for small businesses is our specialty.  Contact us today to find out exactly how we can get your freelance insurance set up for you.
post featured image

The 6 Biggest Factors Affecting Small Businesses in 2023

Running a small business is a challenge, and 2023 looks to be yet another uncertain year for small businesses. However, you can prepare for the challenges for the upcoming year by being ready and prepared for them. Having a solid contingency plan and being able to implement it ensures business continuity for your company. Without one, businesses cannot survive in today’s uncertain landscape. 2023 Factors If global inflation and supply chain issues continue into 2023, there will be risks in this coming year that will require some preparation from small businesses. Rising costs will mean more money spent for raw materials and components. Shortages will cause delays. Geopolitical situations will put a strain on supply chains globally. Each of these factors will test small businesses. 1. Financial Management Financial risks will be plentiful in 2023, unfortunately. Managing finances of a small business will be difficult this coming year with higher costs for just about everything. The Federal Reserve has made it clear that interest rates will remain high which makes the cost of borrowing more difficult for small businesses. Some economists point to a slowing of the economy as a recession, which means that consumers will be less reluctant to spend and more savvy about what they buy. What Your Small Business Can Do:  Sound financial decisions are important, especially in a period of inflation and higher interest rates. There are many automation programs that can help small businesses manage their books and keep an eye on profit margins and cash flow. 2. Increasing Your Customer Base Customer service is a challenge for all small businesses all the time as no company can survive in today’s market without strong customer service skills, no matter what the industry. Small businesses must always find new customers while being mindful of customer acquisition costs. However, lead generation can be enhanced by improving the company’s website and social media channels. What Your Small Business Can Do:  There are more ways than ever to find new customers even on a limited budget. Social media digital marketing is a great way to reach your target customer base without blowing the budget. 3. Cyber Security Threats As small businesses continue to digitize their assets, the convergence of information technology and operational technology systems is becoming increasingly common. However, security vulnerabilities will lead to an increase in cyberattacks. These disruptions can be extremely costly, especially for a small business. There will also be a rise in cyberattacks through AI (artificial intelligence) with more automation of the attacks such as finding vulnerabilities and evading detection. AI malware will evolve in response to security measures, making it harder to protect a business. What Your Small Business Can Do:  The best protection against cyber security threats starts with education about how to prevent them.  Make sure your employees are up to speed on how important it is to protect your business. Small business insurance can also help to protect against these threats. 4. Having the Proper Insurance With all of the risks a small business faces in 2023, it is critical to have the proper coverage beyond cyber insurance. Events like a natural disaster, vandalism or theft can affect any small business. If your business is not insured against these occurrences, it could be destroyed with no finances to replace or repair what was damaged. Property insurance will cover events such as natural disaster, vandalism, fire, or theft. What Your Small Business Can Do: In addition to cyber insurance and property insurance, many businesses also carry workers’ compensation insurance, general liability and professional insurance. Talk to an insurance companythat understands small business insurance. Many small businesses require a tailored approach to meet their coverage needs. 5. Supply Chain Disruption Supply chain disruption has been increasing since 2020 and is not expected to improve much this year. Global supply chains are more vulnerable to problems outside a company’s control, for example an earthquake that shuts down a factory. Shortages in certain items remains and overall stress on supply chains is at an all-time high. Because shortages and delays can really harm a small business, rethinking the supply chain is necessary. What a Small Business Can Do: Small businesses must diversify their supply chain and look to alternatives for suppliers who cannot meet their demands. Suppliers and production facilities that are closer to home or spread out geographically is one way to be able to manage disruptions. 6. Sustainability Sustainability is being mentioned everywhere, including for small businesses. The issue of sustainability is two-fold. An increase in adverse weather conditions will mean that businesses must update their disaster recovery response. These conditions will disrupt supply chains and daily operations. Weather-related connectivity issues will be a large concern for businesses. At the same time, consumers are looking to businesses to help counteract climate change. Consumers are willing to be loyal to companies that are mindful of climate change and the earth’s wellbeing. What a Small Business Can Do:  When possible, make changes in your processes that support green initiatives. Your customers want to know that you are committed to sustainability. Small Business Insurance to Cover Every Day Risks This year could present small businesses with issues that need to be handled the right way. With so many risks to small businesses, it is easy to feel overwhelmed with the challenges this year might bring. However, Coverdash can mitigate these risks with insurance to fit your businesses’ needs. From general liability to cyber coverage, we give you the insurance you need to handle any issues that come your way.
post featured image

Business-Focused Insurtech Coverdash Announces Launch After Oversubscribed Seed Round

New York, NY- January 23, 2023 - Coverdash, a fully-digital business insurance startup providing simplified insurance solutions to businesses of all shapes and sizes, is pleased to announce the company's official launch and the closing of an oversubscribed seed funding round. Based in New York City, Coverdash simplifies the process of buying and managing business insurance for e-commerce merchants, gig workers, and all other types of businessowners. The company offers a broad range of commercial insurance products, including liability, property, workers' compensation, and cyber. Coverdash's digital insurance experience enables businessowners to quote, bind, pay for, and actively manage insurance policies in a matter of seconds. Through relationships with many of the world's most recognized insurers, Coverdash provides the coverages growing businesses need at the most affordable rates. Coverdash's embedded technology enables partners to easily offer insurance to existing customers with a single line of code. Integration is straightforward, requiring no extensive engineering resources or implementation. Coverdash's network of embedded partners include leading online market places, service providers, PEOs, lenders, brokers, and various other platforms who serve or transact with businesses nationwide. "Insurtech 2.0 is here, making the next phase of the embedded fintech revolution," said Ralph Betesh, co-founder and CEO of Coverdash, "We have created a frictionless transactional experience that is unseen within the insurance landscape. Our mission is to empower partners with these capabilities and help finally make insurance accessible and simple for business owners across the nation." Coverdash's funding round was led by Bling Capital, with participation from other notable investors, including AXIS Digital Ventures, Tokio Marine Future Fund (in affiliation with World Innovation Lab), Expansion VC, and Cameron Ventures. Multiple strategic angel investors also contributed to the round, including Greg Hendrick, CEO of Vantage Risk; Garret Koehn, president of CRC Insurance; and Steve Shenfeld, president of MidOcean Partners. "The development and adoption of commercial insurance APIs within the insurtech industry has reached a tipping point, enabling innovative companies with the opportunity to drive true growth and transformation," said Ben Ling, founder and general partner at Bling Capital. "We view Coverdash as the future of business insurance and embedded distribution. We're excited to stand alongside the team and support them as they move forward on this journey." This funding round will contribute to Coverdash's ongoing expansion and development through increased product innovation, go-to-market initiatives, and strategic hiring. About Coverdash Coverdash is a fully digital, business insurance agency that specializes in serving the insurance needs of businesses of all shapes and sizes. Coverdash's embedded technology enables any partner to host its end-to-end insurance experince with a single line of code. Coverdash is headquarted in New York and is a licensed insurance agency across all 50 states. For more information please visit LinkedIn, Instagram, Twitter or check out
post featured image

Cyber Security Attacks are Rampant. Is Your E-commerce Business Prepared?

Whether you are new to the e-commerce world, or have been in business for a long time, it is important that your company is protected online. According to the 2022 Cost of a Data Breach Report by IBM and the Ponemon Institute, the average cost of a data breach is about $4.35 million dollars. This takes into account legal costs, regulatory costs, and loss of brand equity and customers. It’s enough to put a small business out of business…forever. Is Your E-Business Prepared for a Cyber Security Attack? E-commerce businesses are particularly at risk to threats and cyber-attacks since all of their transactions occur online. A survey by CloudBees found that 93 percent of executives are prepared to deal with a ransomware issue or cyberattack. However, 45 percent admit their security software is not sufficient to handle a cyber attack and 64 percent would not know who to contact first if their website was attacked. If your business does not have a plan of action regarding cyber-attacks, it is time to put one in place. Types of Cyber Security Attacks The following are ways that your e-commerce company’s security could be compromised: Malware: Malware is dangerous software that infects a company’s devices and steals data or causes damaged. This can be transmitted through email attachments, visiting websites, or access to the actual device. Ransomware: When a hacker encrypts a company’s data and demands a ransom to correct it, it is referred to as a ransomware attack. These can be very costly when the ransom and any damage control afterwards is considered. Spam: Spam are unwanted emails that are sent en masse to company employees. These emails may contain malware or links to malicious websites. DDoS: A DDoS or Distributed Denial of Services happens when a company’s server is overloaded with requests from hackers. This type of activity can crash the entire website. Phishing: Phishing tricks employees into clicking on links or attachments in emails or text messages which then can install malware or steal information. Since there are so many ways that an e-commerce company can be attacked, it is imperative to safeguard your company against a security breach. How to Improve E-commerce Cybersecurity Most companies could benefit from making improvements to their security processes. There are multiple solutions that can help ensure that your business is protected. Data Protection: Data is at the center of every business transaction. All online data must be secured so that it is not compromised or leaked. The equipment used can help to determine what resources are needed to create a highly secured connected system as a less secure data system can make a cybersecurity attack easy. A system that is connected to the public internet requires a higher level of security since it is easy to find and attack while a system that is isolated from other networks has a much lower risk of a security issue. Backup Data. Because data is so important, it should be backed up regularly to make sure it is not lost in an attack. When data is backed up, all of the information is hosted off-site, so even if the company’s devices are compromised, the data can be recovered. Educate Employees. Employees should be made aware of how to identify cyber security threats, and what to do if they suspect their device has been compromised. Internal employees should be trained on security procedures, such as securing passwords and maintaining current anti-virus software. Routine training can help protect against security breaches. Use Strong Passwords. The responsibility of keeping customers’ information safe lies with the online retailer. Ask customers to add special characters, symbols, and numbers when creating a password. Strong passwords are an easy way to protect a company’s information internally as well. Employees and upper management should change their passwords regularly to avoid a hack. Use a Secure E-commerce Platform. E-commerce websites should only be hosted on certain platforms. One that supports sophisticated object-oriented programming languages is ideal. There are many options for platforms that integrate easily but offer high security. A strong SSL (Secure Sockets Layer) authentication for web and data protection will ensure the security of all online transactions. A third-party will not be able to understand the information due to the encryption. It also helps the customer trust in the website’s security. Take a Complete Approach with Insurance.  Layering security is a good way to keep an online business safe from cyber attacks. A complete process approach is necessary to handle cybersecurity threats. Prevention, detection, containment, and recovery are all important parts of the process. Most importantly, getting the proper cyber insurance in place will protect your business from any cyber related risks. Cyber insurance coverage can help you recover faster if you are a victim of a security breach. There are several options that can cover everything from the removal of a virus to the reprogramming of devices and access points. Have a Business Continuity Plan to Cover Cyber Attacks A business continuity plan lays out the steps to follow so your business can resume operations after a disruption like a cyber-attack. While this won’t prevent cyber-attacks, it can lessen the amount of risk a business experiences. Protecting your business against cyber attacks should be a priority for your entire business. Coverdash can help you get the best policies to protect your e-commerce business, including general liability and cyber insurance in case you are hit with a cyber security breach.  Our team of insurance experts will find your business the best coverage at the most affordable rates to best fit your business’s needs, and can provide coverage within minutes. We’ll also assist you in getting your COI (Certificate of Insurance) on your e-commerce platform, so you remain complaint with platform requirements. Contact us today to discuss your options for insurance coverage.
Business insurance
in a dash.
Get a quote